NBFCs for a Personal Loan

Last Updated : March 4, 2021, 3:16 p.m.

Nowadays, whenever an individual needs an external financial push then he applies for a personal loan whether it is needed for marriage or home renovation. But it is quite difficult for an individual to get quick approval from the nationalised banks because they ask for a lot of documents and verification. In such a situation, the only option left is to take a personal loan from NBFCs. Therefore you can see various NBFCs for a personal loan that offer loans at an attractive rate of interest. On the other hand, you can explore the various details of these loans like the tenure and range of principal amount.

NBFCs Personal Loan Interest Rate and Other Details

Advantage of Applying for a Personal Loan from NBFCs

There are certain advantages of taking a personal loan from an NBFC and you must explore all the benefits because personal loans are the help during a financial emergency.

Quick Approval :- NBFCs usually give quick approval to their applicants who are applying for a personal loan. If you fulfil all the requirements of the NBFC then they might disburse your loan within a day. On the other hand, the personal loan processing time is also quick in NBFCs.

Fast Disbursal:- There are some NBFCs that disburse the loan within a day or within 48 hours. But you will have to be eligible for the loan and submit all the asked documents to the lending institution. The loan amount will be credited to your account once you fulfil all the criteria of the bank.

Online Approval:- This is one of the best advantages of taking a loan from the NBFC because you will not have to visit the office physically. You can just apply for the loan online and all the verification process will happen through digital means.

Eligibility Criteria for a Personal Loan

It is easy to choose NBFCs for a personal loan but there are certain eligibility criteria that you will have to fulfil before applying for a loan.

Documents for Verification

You will have to submit the following proofs while you are taking a loan from an NBFCs:-

• Address Proof- Ration Card, Telephone Bill, Electricity Bill, Rental Agreement, Passport, Driving Licence
• Identity proof- Passport, Voter ID, Driving Licence, PAN Card
• Income Proof- Bank Statement, Bank Passbook, Salary Slips, ITR Documents

Stable Income

The individual must have a stable income if he is applying for a personal loan from an NBFC. You will have to prove your stable income either through the bank statement, salary slips, or income tax return document.

750+ CIBIL Score

You must have a Cibil Score 750 and above if you are willing to have a quick approval of the personal loan from NBFC. You might get a personal loan at a Cibil Score of below 750 but the NBFCs might charge a high rate of interest on it. Therefore, it is necessary that you should maintain a Cibil Score of 750 and above.

21 Years of Age

The applicant must have a minimum age of 21 years if he is applying for a loan from NBFCs for a personal loan. The NBFC will need that the individual must have a minimum age of 21 years.

Working Experience

The non-banking financial institutions also go through the working experience of the applicant. Some NBFCs need a working experience of 2 years and some needs for 3 years. So, you have to fulfil this criterion if you are applying for a personal loan.

Need for a Personal Loan

• You can utilize the money to eliminate any kind of medical emergency whether it is a surgery or treatment expense.
• Some people borrow a personal loan to give an extravagant party for their marriage or wedding ceremony.
• You can renovate your home through a personal loan and repair the damages of the house.
• Some people take a loan to continue their further studies that include course fee, travelling charges, hostel charges and many other expenses.
• You can also plan a foreign trip and use the loan money to gather some more memories outside India.

Conclusion

Well, you have seen all the NBFCs that can offer you a personal loan at an attractive rate of interest. You have 10 NBFCs in front of you and you can apply for a personal loan from any one of them. You can do a balance transfer of a loan to these NBFCs and enjoy a cheaper rate of interests. On the other hand, the long repayment tenure will lower down your EMI and hence it becomes easy for you to manage your monthly EMIs.